AmEx Posts Higher Profit on Consumer Card Spending
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American Express Co., the biggest credit-card issuer by purchases, said second-quarter profit tripled as consumers spent more and fewer borrowers defaulted.
Net income from continuing operations climbed to $1.02 billion, or 84 cents a diluted share, from $342 million, or 9 cents, in the same period a year earlier, New York-based AmEx said today in a statement. The average estimate of analysts surveyed by Bloomberg was 77 cents.